The largest hotel group in Hungary, Danubius Hotels Group, has sold the Hotel Gellért to property developer Indotek Group, which plans to restore the Budapest landmark to its former glory, the two parties have announced, as reported by business news site uzletem.hu.
The Art Nouveau Hotel Gellért at night (photo by maziarz/Shutterstock.com)
Indotek plans to renovate the Art Nouveau Gellért, preserving it, while also upgrading it to a five-star hotel within a few years (it is currently a four-star hotel).
Danubius VP Mark Hennebry said the company had looked, unsuccessfully, for a strategic partner or financial investor to team up on a renovation of the Gellért for the past two years, when Indotek made an offer to buy the hotel.
Danubius will continue to operate the hotel until it undergoes the renovation. Afterwards, Indotek will entrust the operation of the Gellért to an international chain with experience running luxury hotels. Indotek has more than 300 properties in its portfolio.